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Getting Started on Your Pre-Approval

Pre-Approval Header

Congratulations on making the decision to get pre-approved; even if you’re just only thinking about it today. This is this place to be to get your easy, no-cost pre-approval started! My Team & I here at Envoy Mortgage are looking forward to being an integral part of the solution to your home lending needs and education.

-Michael

Step One – Free Pre-Approval Application

Please complete your online application HERE. My team will be notified automatically once you submit the application form.

If you prefer to complete the application in person or over the phone, please click the “Schedule a Free Consult” button at the bottom of your screen to set that appointment up or call us to get an appointment set up.

Step Two (of two) – Submit Documentation

After we review your application, we will send you a custom list of documents we’ll need prior to issuing the written pre-approval letter. If you’re ready to get going on that list now, a general list of those items can be found HERE. If you want to know why these items are needed, see below. But first, you’ll need to know all of the ways you can send my team the documents noted above are shown HERE.

Why the Docs?

Prior to the pre-approval being issued, there will be some documents required to avoid a “Credit Only; Income and Assets not Verified” Pre-Approval.  Having an “Income and Asset Verified” Pre-Approval can be the difference between your offer getting accepted or rejected!  Sellers and Realtor’s prefer a buyer who has had both Income and Assets Verified by a Licensed Loan Officer.

Our goal is to help you present the most attractive offer to the seller of your next home AND to set you up for complete success by helping you make informed choices along the way. 

Why You Should Reconsider Paying Cash for a Primary Residence

Paying Cash for a HomeFrom time to time, I run into folks who tell me they want to put down 100% of the purchase price of their home so they don’t need to deal with a mortgage payment & the interest that comes with it.  While I understand the desire to have one less obligation every month, there may be a better use of their funds.

The following are three scenarios for a client considering the purchase of a $500,000 home.

PLEASE NOTE:  Any return you could receive would vary based on the amount of time you are able and willing to invest and the amount of risk you are willing to take.   The scenarios below are for illustration purposes only and do not imply or guarantee any specific rate of return.  They also do not include closing costs, capital gains taxes & investment fees that may apply.

Scenario A

Client pays for the entire purchase in cash.  At the end of the 5 year (Scenario B) or the 15 year (Scenario C) period this client’s return would simply be the difference between what the house is worth & the $500,000 they paid for it.

Scenario B

5 Yr ARM Cash or Mortgage Image A

5 Yr ARM Cash or Mortgage Image B

 

Analysis using the scenario and assumptions noted above*:

5 Yr ARM Cash or Mortgage Image C

Scenario C

15 Yr FRM Cash or Mortgage Image A

15 Yr FRM Cash or Mortgage Image B

 

Analysis using the scenario and assumptions noted above*:

15 Yr FRM Cash or Mortgage Image C

 

*Net Return determined by subtracting the amount owed at the end of the investment period & the amount paid in monthly mortgage payments during the investment period from the final value of the investment at the end of the investment period.  Example 1:  $300,000 5 year ARM at an assumed rate of return of 5% – $382,884 – $340,485 (Amount still owed $265,545 + Amount paid in $74,940 = $340,485) = Net Return of $42,399.  Example 2:  $400,000 15 year fixed mortgage at an assumed rate of return of 4% – $720,377 – $505,921 (Amount still owed $0 + Amount paid in $505,921 – $505,921) = Net Return of $214,456

To determine if these strategies are right for you please contact me so that I can answer your questions and get you in touch with a qualified financial advisor.